The share of foreign direct investment (FDI) going to “geopolitically aligned economies has kept rising” compared to nearby countries over the past decade, economists at the multilateral group found. But such shifts could reduce diversification and GDP growth, they warned. (The Logic)
The Winnipeg-headquartered food-delivery app provider wants to tap into consumers’ pandemic-driven reliance on delivery services and expand into flowers, pharmaceuticals, pet supplies and alcohol, said Steve Puchala, who recently became CEO. (The Globe and Mail)
The U.S. fintech giant’s payments volume growth slowed to 26 per cent in 2022 compared to 60 per cent in a pandemic-fuelled 2021, the company’s co-founders (and brothers) Patrick and John Collision wrote in Stripe’s annual community letter. Despite rising numbers (the company said it processed more than US$817 billion in total payments volume in 2022), it’s a “significant deceleration from the breakneck growth [Stripe] saw during 2020 and 2021,” the letter said. (The Logic)
London-based Index Ventures co-led the round alongside Toronto-based Radical, with participation from Canada Pension Plan Investment Board and Amplify Partners, among others. The funding brings the Bay-Area AI firm’s total Series C to US$155 million. (The Logic)
BDC Capital led the round through its Women in Technology Venture Fund, with participation from the Canadian Business Growth Fund, Whitecap Venture Partners and Mantella Venture Partners. Company spokesperson Linda North told The Logic that Felix is using the funding to incorporate labs into its patient services, allowing its physicians to prescribe HIV pre-exposure prophylaxis drugs and treatments for weight loss. (The Logic)
The round, led by Framework Venture Partners and BDC Capital’s Industrial Innovation Venture Fund, includes $2.5 million of debt. Six returning angel investors also participated. The Quebec City-based food-service analytics startup said it will use the funds to expand into new regions and market segments. (The Logic)
The regulator said it has launched a probe in response to a complaint that the San Francisco-based firm behind ChatGPT was collecting, using and disclosing personal information without consent. OpenAI did not respond to The Logic’s request for comment. (The Logic)
A16z Crypto, Sequoia Capital, Circle Ventures, Samsung Next, OpenSea and the auction house Christie's participated in the funding round for the Vancouver-based company, whose software can transport data between different blockchains. Co-founder and CEO Bryan Pellegrino told crypto news site The Block that while the company “didn’t need the money,” it will use it to finance its growth plans into the Asia-Pacific region and gaming. (The Block)
The Toronto-based fintech co-founded by Michele Romanow is in advanced talks with investors on an equity deal that would value the company at US$200 million including the cash raised, a tenth of its previous US$2-billion valuation, The Globe and Mail reported, citing sources familiar with the matter. (The Globe and Mail)
The crises that engulfed Silicon Valley Bank and Credit Suisse involve "far fewer financial players and fewer issues that need to be resolved” than the 2008 crash, Jamie Dimon, CEO of JPMorgan Chase, wrote in a letter to shareholders. Any new rules should reduce “the chance of failure and the odds of contagion,” he said, noting that the current ones did not prevent SVB or Signature Bank from going under. (The Logic)